The petitioneiloperational creditor supplied various kinds of materials to the respondent/corporute debtor in response to purchase orders placed by it. The petitioner had raised invoices for the materials supplied and delivered to the respondent. The amounts under the invoices were payabte on the due dates mentioned in the invoices. As per payment condition, in case of delay the respondent is liable to pay L8o/o interest. The petitioner maintains running account of the respondent and used to give credit to the payments or partpayments made by the respondent. The respondent is liable to pay balance amount in respect of 24 rnvoices dated from 26.10,20L4 to 03.t2.2016. The respondent lastly paid a sum of Rs.6,25,000/- on LL.02.2019. Out of Rs.6,25,000/- a sum of Rs.5,57,045/was credited into invoice No. 200101,902t dated 12.02.20t9 andbalance amount of Rs.67,955/- was credited to old dues on L2.02.2019. The respondent confirmed the due amount of Rs.22,32,029/- by letter of confirmation dated 27,09,2016, There after the respondent failed to make any payment towards the dues. The principal due amount is Rs.66,35,6t7 /- and interest is Rs.85,7L,L88/, total due amount as on 3L.07 .2020 is Rs.1,49,14,L42/ - The petitioner sent statutory Form 3 notice dated 02.04.202L to the respondent, then reminders also issued tiut the respondent failed to pay the dues. Hence this petition.
